UniCredit Bank Slovenija d.d.
Summary:
Amendments to the Slovenian Markets in Financial Instruments Act, harmonising the local legislation with the recent changes to the EU regulatory framework, have come into force on 10 May 2016.
Mon, 16/05/2016
With the purpose of adapting the Slovenian legislation to certain recent EU regulatory changes, the Markets in Financial Instruments Act was amended, and now reflect, among others: Directive 2013/36/EU, Directive 2013/50/EU and Directive 2014/51/EU as well as Regulation 575/2013 and Regulation 909/2014.
The most important changes to the Markets in Financial Instruments Act include the following:
- obligation for investment companies to ensure stabile management structure, efficient risk management and appropriate system of internal controls
- prolonged deadline for publication of half-year financial reports, to 3 months after the end of the reporting period
- elimination of interim management reports
- obligation to the local regulator to provide information on finalised prospectuses to ESMA
- conditions that the local CSD has to meet
- increased fines and penalties, tied to the size of business or profit related to the violation of the Act
Additional amendments include:
- changed conditions for establishment of small brokerage house
- elimination of inconsistencies related to the bankruptcy of brokerage houses
- defined conditions for delisting of fixed income securities
- changed provisions in relation to the persons, responsible for the correctness and the completeness of the information contained in a prospectus
- defined cooperation among the local regulator, ESMA and authorities in third countries
Impact on investors: The Slovene legislation has been adapted to recent EU regulatory changes in respect of supervision, transparency and settlement disciple, among others